Reliance Jio likely to bag Reliance Infra’s mobile tower, optical fibre

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New Delhi: Reliance Jio emerged as the highest bidder for the mobile tower and optical fibre assets of Reliance Infratel. This was achieved after the company placed bids of around Rs 3,600 crore, according to banking sources privy to the development.

Bharti Airtel has placed a bid of around Rs 1,800 crore for the same, according to the sources. Bharti Airtel has also made a conditional bid for the spectrum of Reliance Communications (RCom).

Reliance Jio did not bid for RCom spectrum.

RCom’s secured debt is estimated to be around Rs 33,000 crore. Lenders have submitted claims of around Rs 49,000 crore in August.

Reliance Communications, which is undergoing insolvency proceedings, has put all its assets for sale. According to an NCLT order, RP has to complete the process by January 10, 2020.

Reliance Jio cancelled the agreement to buy RCom assets as it did not want to bear the previous liabilities of the debt-ridden firm.

RCom Chairman Anil Ambani had tendered his resignation after the company posted a consolidated loss of Rs 30,142 crore for July-September 2019 due to provisioning for liabilities after the Supreme Court ruling on statutory dues.

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